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Party, not property for new generation

A new breed of 18 to 34 year olds would rather safeguard their lifestyles than commit to to a mortgage according to research by GMAC-RFC.

The “partying over property” generation may partly explain the drop in first-time buyers, with figures from the Office of National Statistics saying they now make up 28 per cent of the overall market.

In the survey of 1,126 non-homeowners aged between 18 and 34, 68 per cent say they prefer to rent because it allows them to maintain contact with their circle of friends and 61 per cent say it allows them to live in a better area than they could afford to buy in and 71 per cent saying it gives them the freedom to move jobs easily.

GMAC marketing director Jeff Knight says: “We wanted to understand why fewer FTBs are entering the market. It is important to know as a lender that there are other important influences affecting this group other than the straight affordability issue. BTL landlords are making up the shortfall of FTBs because they are directly linked.”

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